Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables:...
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Accounting
Allowance Method
Journalize the following transactions, using the allowance method of accounting for uncollectible receivables:
Oct. 2. Received $3,160 from William Pruitt and wrote off the remainder owed of $6,000 as uncollectible. If an amount box does not require an entry, leave it blank.
Oct. 2
Dec. 20. Reinstated the account of William Pruitt and received $6,000 cash in full payment. If an amount box does not require an entry, leave it blank.
Reinstate
Collection
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